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Baby Bells to Sell Bellcore
To Science Applications

NEW YORK -- The seven Baby Bells agreed to sell Bellcore, their jointly owned research arm, to Science Applications International Corp. of San Diego.

The companies didn't disclose the terms of the acquisition, which had been expected. However, executives familiar with the transaction had estimated its value to be about $700 million. The deal is expected to close late next year, pending regulatory approvals.